Major Statement from the Central Bank: How Should We View the RMB Exchange Rate?

智通财经2026/10/09 01:06

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Many traditional views hold that the RMB exchange rate is solely determined by the central bank, appreciating or depreciating at its discretion. This is a major misconception. In its latest statement, the central bank has once again reiterated that China is committed to allowing the market to play a decisive role in exchange rate formation. China implements a market-based exchange rate regime and has completely withdrawn from regular interventions since 2017. In the future, the RMB exchange rate will not be deliberately appreciated or depreciated. China will continue to respect the market, uphold bottom lines, avoid gaming, and refrain from manipulation. This is the most fundamental and certain long-term trend for the RMB exchange rate in the coming years. (CCTV)

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Many traditional views hold that the RMB exchange rate is entirely determined by the central bank—that it rises or falls according to central bank wishes. This is actually a major misconception. The central bank has once again emphasized in its latest statement that China is committed to letting the market play a decisive role in exchange rate formation. Our country implements a market-oriented exchange rate regime and, after 2017, has completely withdrawn from regular intervention. In the future, the RMB exchange rate will neither be deliberately appreciated nor deliberately depreciated. We will continue to respect the market, uphold fundamental principles, avoid speculation, and refrain from using tricks. This is the core and most certain major trend of the RMB exchange rate over the next few years. (CCTV)

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(1) Japanese Prime Minister Sanae Takaichi stated that enhancing Japan’s global economic competitiveness will ultimately boost market confidence in the yen. (2) She defended her fiscal policies in response to concerns that the planned tax cuts might weaken support for the yen. (3) During a parliamentary session, she said: "Regarding our proactive and responsible fiscal policy, we believe that enhancing Japan’s global economic competitiveness will ultimately help maintain market confidence in the yen. This means we are taking a consistent policy approach."

智通财经•2026/10/09 05:06